Ethereum Price Weekly Analysis: ETH/USD Facing Significant Hurdle

ETH price stayed above the $196-197 support area with positive moves against the US Dollar.

There is a monster breakout pattern formed with resistance at $204 on the 4-hours chart of ETH/USD (data feed via Kraken).

The pair must break the $204 and $208 resistance levels to climb higher in the near term.

Ethereum price is preparing for the next move versus the US Dollar and Bitcoin. ETH/USD could rise sharply higher once there is a break above $204 and $208.

Ethereum Price Analysis

This past week, there were mostly range moves below the $205 level in ETH price against the US Dollar. The ETH/USD pair traded a few points lower and broke the $200 level. The price even settled below $205 and the 100 simple moving average (4-hours). It traded close to the $196-197 support area, which acted as a strong buy zone. Later, the price recovered above $200, but gains were limited.

The price spiked above the 50% Fib retracement level of the last drop from the $206 high to $197 low. However, buyers failed to gain momentum above the $204 level and the 100 simple moving average (4-hours). Besides, there was a rejection near the 76.4% Fib retracement level of the last drop from the $206 high to $197 low. The price retreated and it is currently trading near the $201 level. At the outset, there is a monster breakout pattern formed with resistance at $204 on the 4-hours chart of ETH/USD.

The above chart indicates that ETH price is preparing for the next major break either above $204 or below $197. Above $204, the price needs to clear the $208 range resistance for more gains. On the other hand, a close below $197 may perhaps accelerate losses towards the $180 level in the near term.

4-hours MACD – The MACD is flat in the bullish zone.

4-hours RSI – The RSI is currently well above the 50 level with a positive angle.